The global oil market is adequately supplied and doesn’t require the release of emergency stockpiles, according to the International Energy Agency. The agency is monitoring the market and “stands ready” to respond if there’s a major supply disruption, the Paris-based adviser to 28 energy-consuming nations.
“The IEA is obviously concerned about the harmful effects of high oil prices on the global economic recovery,” Greg Frost, a Paris-based spokesman, said in an e-mailed statement. “Prices at these levels cause hardship both in IEA countries and especially emerging economies.”..............................................Full Article: Source